Freddie Mac CEO: Lenders should offer more low down payment mortgages

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Freddie Mac CEO Donald Layton told an audience at the mortgage bankers association annual convention in San Diego on Monday that the surprise announcement last year by FHFA Director Mel Watt instructing his company and Freddie Mac to buy loans with down payments as low as 3% was a net positive and that more low down payment products could be on.

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Freddie Mac CEO Donald Layton is asking for mortgage lenders to consider writing more low down payment mortgages in order for the government-sponsored enterprise to help increase access to credit.

Amid News Of $475m In Q3 Losses, Freddie Mac CEO Urges More Low Down Payment Loans by Amanda Maher. The same day it was revealed that Freddie Mac sustained $475 million in losses in the third quarter, Freddie Mac CEO Donald Layton urged lenders to increase the number of low down payment loans they issue.

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For example, Fannie and Freddie will buy loans with FICO scores as low as 620, but most banks require at least a 660 or 680, Gumbinger said. Similarly, lenders could always decide not to offer 3% down loans, even though Fannie and Freddie have agreed to eventually start buying them again.

Even more. Fannie Mae and Freddie Mac, for example, now allowing loans with as little as 3 percent down – a stray from the preferred 20 percent. National banks have been jumping in, too, partnering.

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It expands upon Freddie Mac’s existing Home Possible and Home Possible Advantage programs, which allows eligible borrowers to finance homes with down payments of as low as 3 percent.